Oil prices rangebound as supply cuts offset virus worries

Oil prices edged up on Friday but traded in a tight range as demand concerns caused by new coronavirus variants and slow vaccine rollouts offset a cut in Saudi Arabian oil supply and falling US oil inventories.

Brent crude futures for March rose 23 cents, or 0.4%, to $55.76 a barrel by 1007 GMT.

The Brent March contract expires on Friday. The more active April contract was up 27 cents, or 0.5%, at $55.37.

US West Texas Intermediate (WTI) crude futures rose 7 cents, or 0.1%, to $52.41.